Tag Archives: Big Oil

Gas prices expected to drop 50 cents by summer – The Washington Post

Of course, gas prices will drop right after we get back from our driving vacation…

And before the public can shame Congress into ending government subsidies for Big Oil….

As Church Lady used to say, “How convenient!”

Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.

After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.

It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.

Typically, gas prices peak each spring, then fall into a summertime swoon that can last several weeks. This year’s decline should be gradual but steady, said Fred Rozell, the retail pricing director at the Oil Price Information Service.

via Gas prices expected to drop 50 cents by summer – The Washington Post.

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ThinkProgress » House GOP Says ‘So Be It’ To Taxpayers, Votes Unanimously to Protect Big Oil Subsidies

Anyone still doubt the GOP- and most of Congress- is bought and paid for by special interests?

House Republicans voted in lockstep this afternoon to protect corporate welfare for Big Oil, even as they call for draconian cuts to programs that everyday Americans depend on each day.  As the House of Representatives moved toward approving a stopgap resolution to avert a government shutdown for another two weeks, Democrats offered a motion to recommit that would have stripped the five largest oil companies of taxpayer subsidies, saving tens of billions of dollars in taxpayer funds.  The motion failed on a vote of 176-249, with all Republicans voting against (approximately a dozen Democrats joined the GOP). A similar vote two weeks ago to recoup $53 billion in taxpayer funds from Big Oil was also voted down, largely along party lines. The former CEO of Shell Oil, John Hoffmeister, recently said Big Oil doesn’t need subsidies “in face of sustained high oil prices.”  From 2005 to 2009, the largest oil companies have made a combined $485 billion in profits.

via ThinkProgress » House GOP Says ‘So Be It’ To Taxpayers, Votes Unanimously to Protect Big Oil Subsidies.

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